Accounting Answers

 The following current-year information is available for Petersen’s marketing consulting firm:
Sales $500,000
Beginning work in process 1,000
Ending work in process 1,500
Direct Labor 75,000
Direct materials 20,500
Overhead 90,000
Selling Expenses 20,000
Administrative Expenses 65,000

Required:
Prepare an income statement for Petersen

a. What is the meaning of financial strategy? Why the organizations need a financial strategy?

b. What is internal control? Describe the key objectives of internal control. List the five key components of internal control.

c. What do you understand by short term and long term financing? What are the purposes of the both

d. Describe the tools used to analyse financial statement of a company.

e. What is the strategic profit model, and how is it used?

how can timesheets assist the accountant to make the annual reporting timeline?

how balances are transferred into and out of the budgeted statement of cash flows to explain the statement and how the closing cash is calculated?

explain to voyager executives the importance of considering related expenses and discuss some of their controls as planning for its aggressive revenue expansion policy?

Banks charge customers fees of up to $35 per cheque for writing “bounced” cheques - that is, cheques that exceed the balance in the account. It has been estimated that processing bounced cheques costs a bank roughly $1.50 per cheque. Thus, the profit margin on a bounced cheque is very high. Realizing this, some banks process cheques from largest to smallest. By doing this, they maximize the number of cheques that bounce if a customer overdraws an account.
Antonio Freeman had a balance of $1,200 in his chequing account on a day when the bank received the following five cheques for processing against his account:
Cheque Number Amount:
3150, 3158, 3162, 3165 3169 $35, $1,510, $40, $550 $180

Assuming a $35 fee per cheque is assessed by the bank, how much fee revenue would the bank generate if it processed cheques (1) from largest to smallest, (2) from smallest to largest, and (3) in the order of the cheque numbers?

a. William Preston had a balance of $1,500 in his checking account at First National Bank on a day when the bank received the following five checks for processing against his account.

Check Number Amount Check Number Amount

3150 35.00 3165 550.00

3162 400.00 3166 1,510.00

3169 180.00

Assuming a $30 fee assessed by the bank for each bounced check, how much fee revenue would the bank generate if it processed checks (1) from largest to smallest, (2) from smallest to largest, and (3) in order of check number?
b. Do you think that processing checks from largest to smallest is an ethical business practice?
c. In addition to ethical issues, what other issues must a bank consider in deciding whether to process checks from largest to smallest?
d. If you were managing a bank, what policy would you adopt on bounced checks?

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Build the projected revenue budget for the six months ending in December.
Apollo cash receipts
1.5.20XX–30.9.20XX
May
June
July
August
Sept.
Oct.
Nov.
Dec.
3,000
5,000
7,000
1,000
5,000
4,500
3,000
3,000
Note:

Cash receipts are shown. Credit revenues are twice that of cash each month. The business is closed for April. Credit terms are 50% by end of the month; 35% by end of the next month balance by end of third month.

Journal Entry of following transaction is required:

1. Zee On 1 January 2012, purchased a plant for PKR 2,000,000 cash
2. On 1 January 2013, Zee replaced the old plant at 90% book value with a new plant for PKR 3,000,000

Canadian Oil Company manufactures cooking oils. All direct materials are added at the beginning of the production process. The company currently uses the FIFO method. Data for the month of July is listed below.

Production​ data:
Beginning work−in-process
​100,000 units
   
Units started during the period
​200,000 units

Completed and transferred out
​270,000 units

Manufacturing​ cost:
Beginning work−in−process
​$176,000

Direct materials used
​$244,000

How many units were started and completed with respect to direct materials during the​ month?

a. 170000
b. 330000
c. 270000
d. 300000
e. 200000

I'm thinking it's either 170,000 as that would be based off of the 170000 new units completed, or I was also thinking that it could be 200,000 since it says all Direct Materials are added at the beginning of the process which could mean that the work with regards to direct materials is already done even if units aren't finished. Not sure